FIRST QUANTUM MINERALS AND FRANCO-NEVADA CORPORATION AGREE TERMS FOR ADDITIONAL PRECIOUS METALS STREAM AGREEMENT (In United States dollars, except where noted otherwise)

NEWS RELEASE

17-23

September 7, 2017

www.first-quantum.com

FIRST QUANTUM MINERALS AND FRANCO-NEVADA CORPORATION AGREE TERMS

FOR ADDITIONAL PRECIOUS METALS STREAM AGREEMENT

(In United States dollars, except where noted otherwise)

First Quantum Minerals Ltd. (“First Quantum” or the “Company”, TSX Symbol “FM”) today announced that

it has agreed terms for an additional precious metals stream agreement on the Cobre Panama project with Franco-

Nevada (Barbados) Corporation (“FNB”), a wholly-owned subsidiary of Franco-Nevada Corporation (TSX Symbol

“FNV”, NYSE Symbol “FNV”) subject to final documentation. The Company intends to use the proceeds to fund

the entire first installment of its previously announced acquisition of an additional 10% interest in Cobre Panama

from LS-Nikko Copper Inc.

ADDITIONAL STREAM AGREEMENT DETAILS:

- The US$178 million purchase price will be paid as a one -time advance payment upon closing of the

transaction which is expected to occur by the end of September 2017. No additional pro- rata funding will

apply to the additional stream.

- The terms of the additional stream , other than the on -going price, will mirror FNB’s existing stream on

Cobre Panama, including initially linking precious metals deliveries to copper in concentrate shipped for

approximately the first 25 years of production. FNB will initially pay an on-going price of 20% of the spot

price of gold and silver until 302,000 ounces of refined gold and 4.8 million ounces of refined silver have

been delivered. Thereafter, the on-going price will increase to 50% of the prevailing spot price of gold and

silver.

On Behalf of the Board of Directors of First Quantum Minerals Ltd.

G. Clive Newall

President

For further information visit our website at www.first-quantum.com

North American contact: Sharon Loung, Director, Investor Relations

Tel: (647) 346-3934 Fax: (604) 688-3818 Toll Free: 1 (888) 688-6577 E-Mail: [email protected]

United Kingdom contact: Clive Newall, President

Tel: +44 140 327 3484 Fax: +44 140 327 3494 E-Mail: [email protected]